Australian Securities and Investments Commission v Marco (No 7) [2021] FCA 429

Australian Securities and Investments Commission v Marco (No 7) [2021] FCA 429

It is appropriate to permit interim payment of 85% of the claimed remuneration to both receivers and interim receivers, subject to the outlined safeguards, in light of the lack of opposition from ASIC and creditors, substantial work having been undertaken without payment, and prevailing authority supporting interim payment with safeguards.

Jurisdiction
Australia
Judgment Date
19 April 2021
Procedural Posture
Corporations Proceeding / Application by Court Appointed Receivers for Interim Payment of Remuneration Pending Determination by Registrar
Outcome
Interim payment of 85% of remuneration approved, subject to safeguards; registrar to determine final remuneration.
Legal Topics
["receivers' Remuneration" 'interim Payments' "court's Power to Control Receivers"]
['corporations Law' 'insolvency'] ["receivers' Remuneration" 'interim Payments' "court's Power to Control Receivers"]

Case Brief

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Procedural Posture

Corporations Proceeding / Application by Court Appointed Receivers for Interim Payment of Remuneration Pending Determination by Registrar

Legal Issues

  1. 1 ['Whether the Court should approve interim payment of 85% of the claimed remuneration for receivers and interim receivers, pending final determination by a registrar' 'Whether appropriate safeguards are in place for such interim payments']

Ratio Decidendi

It is appropriate to permit interim payment of 85% of the claimed remuneration to both receivers and interim receivers, subject to the outlined safeguards, in light of the lack of opposition from ASIC and creditors, substantial work having been undertaken without payment, and prevailing authority supporting interim payment with safeguards.

Court Disposition

Interim payment of 85% of remuneration approved, subject to safeguards; registrar to determine final remuneration.

Orders

  • ['A registrar is to review and fix the remuneration of the Receivers for 7 December 2020 to 5 March 2021.' 'Receivers to provide further information if requested by registrar within 14 days.' 'Registrar to deliver written reasons after fixing remuneration.' "Within 14 days of registrar's reasons, parties may apply...